Noront Resources Announces Issuance of Interest Shares

Mining Update

Noront Resources Ltd. (“Noront”) (TSX Venture: NOT) announces that payment of interest in the amount of $391,668 for the fourth quarter of 2019 pursuant to a loan agreement entered into between Noront and Resource Capital Funds V L.P. (“RCF”) dated February 26, 2013 (the “Loan Agreement”) has been satisfied by delivery of 2,598,991 common shares of the Company (the “Interest Shares”) at an effective price of $0.1507 per Interest Share. The Interest Shares were delivered on January 10, 2020 subject to a four-month hold period, expiring on May 11, 2020.

The calculation of the number of Interest Shares issued was based on the volume-weighted average trading price of the common shares of the Company during the 20 trading days prior to December 30, 2019.

After giving effect to the issuance of the Interest Shares, there are 409,658,719 common shares of the Company issued and outstanding.

About Noront Resources

Noront Resources Ltd. is focused on the development of its high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the world-class chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.